CNB Financial (NASDAQ:CCNE) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a research report report published on Saturday.

Several other analysts also recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a research report on Monday, December 29th. Stephens boosted their price target on CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, CNB Financial presently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $29.98 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50-day simple moving average of $27.60 and a two-hundred day simple moving average of $25.99. The firm has a market capitalization of $883.81 million, a PE ratio of 12.34 and a beta of 0.73. CNB Financial has a 52-week low of $19.32 and a 52-week high of $30.84.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. The firm had revenue of $87.16 million for the quarter, compared to analysts’ expectations of $73.10 million. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%. Analysts forecast that CNB Financial will post 2.04 EPS for the current year.

CNB Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.19 per share. The ex-dividend date is Friday, February 27th. This represents a $0.76 annualized dividend and a yield of 2.5%. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio (DPR) is 29.63%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC raised its stake in CNB Financial by 8.1% during the fourth quarter. Empowered Funds LLC now owns 147,235 shares of the bank’s stock valued at $3,853,000 after purchasing an additional 10,988 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of CNB Financial in the 4th quarter worth about $202,000. Wellington Management Group LLP raised its position in shares of CNB Financial by 38.2% during the 4th quarter. Wellington Management Group LLP now owns 2,592,950 shares of the bank’s stock valued at $67,858,000 after buying an additional 716,917 shares in the last quarter. Millennium Management LLC bought a new position in shares of CNB Financial in the 4th quarter valued at about $2,017,000. Finally, Bridgeway Capital Management LLC grew its position in CNB Financial by 4.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 250,081 shares of the bank’s stock worth $6,545,000 after acquiring an additional 10,988 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Company Profile

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.